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Please help with fields in red. Thank you! QS 7-1 Credit card sales LO C1 Prepare journal entries for the following credit card sales transactions
Please help with fields in red. Thank you!
QS 7-1 Credit card sales LO C1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system) 1. Sold $25,000 of merchandise, that cost $19,000, on MasterCard credit cards. MasterCard charges a 5% fee 2. Sold $5,500 of merchandise, that cost $3,250, on an assortment of bank credit cards. These cards charge a 4% fee Answer is not complete Transaction General Journal Debit 23,750 1,250 0 Credit Cash Credit card expense Sales 25,000 Cost of goods sold 19,000 Merchandise inventory 19,000 Cash 5,280 Accounts receivable-Credit card cos. 5,280 2-b Cash Accounts receivable-Credit card cosStep by Step Solution
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